​Locating a Short Sale Specialist

​Selling your home short is a decision every homeowner will carefully think about. As it is important to carefully determine whether or not to sell your home for less than you owed, it is equally important to choose your short sale agent thoughtfully. This type of transaction is very delicate and complicated, therefore you mustn’t hire someone with a lot of experience. Since many real estate companies have decided to capitalize on the short sale, they have started offering training for agents. Many companies also started making up their own certifications. When choosing a qualified local real estate agent in Maryland, it is essential not to make your decision solely on their credentials. In many cases, those credentials can be worthless.

Choosing a Short Sale Specialist

​The biggest factor you should consider is the experience of the agent you want to hire. When it comes to experience, you also have to be very careful. Some agents can have ten years of experience in their field, but they have actually closed only one or two transactions a year. To make sure your agent has the expertise you are looking for, ask about his track record. Find out how many years is he selling short sales and how many of them has he closed. It is preferable that your agent has at least three years of experience. The more homes he sold the better. Imagine if you could find someone who has closed 100 or more short sales. This kind of agents certainly has short sale packages from every bank on hand and knows how each bank operates. It is very important that your agent knows how to give your transaction the attention you need and accurately streamline the short sale process.

An experienced agent will notice any red flags for your short sale and notify you about them. A short sale specialist can’t give you legal and tax advice, but he should be able to point out the possible legal and tax consequences if there are any. Of course, your agent should also know the solutions for these consequences. When it comes to short sale negotiation, know that lawyers are best at it. However, if you want a lawyer to handle your negotiation, you will have to pay him separately. Some short sale specialists outsource the negotiation to a third-party, but in most cases, they handle this part on their own.​Depending on how carefully you have chosen your agent, you may close your short sale in six weeks or 120 days or more. How long will your short sale take to close not only depends on your agent but also on the bank. Some banks are easy to predict while other aren’t. Either way, short sales are very complex and unless you identify an agent who is truly a specialist, your transaction will fail and your home will slip into foreclosure. A real specialist will not only sell your home and help you avoid foreclosure, but also walk you step by step through the process and give you advice that will help you move in the right direction.

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